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Avoid the Vicous Circle when Borrowing Money

Author: matt5409  |  Category: Loans
Published: November 26, 2010

Companies that offer payday loans are becoming more widespread and much more visible. Many of them are even advertising on television, attracting more and more customers into taking out short term loans with their companies. If someone in financial trouble is watching these adverts, they may well think that a payday loan is the only way they can get any help, especially if their credit rating is so poor that they cannot seek help from traditional sources like banks.

But a payday loan is not the only answer to your financial problems. In fact, if anything one of these short-term loans is only likely to make your situation worse. If it’s approaching the end of the month and you need some money to tide you over to pay day, the last thing you should be considering is a small loan to make an emergency payment that you will have to pay off that month. All that will happen is that you get paid, have to pay back a large amount to cover your original loan plus interest and then you’ll be in financial trouble again by then end of that month; and will probably just apply for another payday loan! You could end up stuck in a financial vicious circle, finding yourself deeper and deeper in debt.

There is, however, another way, which is a much more practical, long-term solution. Logbook loans also don’t require a credit check, so anyone who has a car to offer as collateral will qualify. The interest rate is much lower and the best thing is you can pay it off over a much longer period of time, making smaller payments per month that won’t add to your financial burden. In fact, it’s more like a conventional bank loan than an emergency payday loan. Rather than using the cash from your logbook loan to just pay off a few urgent bills, why not ask about getting a bigger loan and consolidating your debts?

This is especially useful if you owe money to a few different places – different store cards and credit cards, for example. If you use your logbook loan to pay off all these different creditors, then you’ll be left with just one monthly payment and one creditor to deal with. This isn’t just a more practical way of dealing with debt, it is also a less stressful way too. After all, no-one likes receiving letters and phone calls from creditors hassling you for payments. If you use the money you secure with a logbook loan to pay them off, then they’ll be out of your life forever.

Payday loans may seem like an ideal short-term solution for people who think they are only in temporary financial trouble and don’t want to end up deeper in debt. An admirable aim, but surely it’s better to think long-term and use a larger amount of money from a logbook loan to get your financial affairs in good order, for peace of mind and the security of your family.

See here for more information or to apply for a logbook loan

Author: matt5409

This author has published 2 articles so far.More info about the author is coming soon.

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